OTC Pharmaceuticals - Georgia

Georgia

Revenue in the OTC Pharmaceuticals market amounts to US$93.09m in 2024. The market is expected to grow annually by 5.75% (CAGR 2024-2029).
The market's largest segment is the segment Analgesics with a market volume of US$23.85m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$25.04 are generated in 2024.
In the OTC Pharmaceuticals market, 2.4% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Market

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Analyst Opinion

The OTC Pharmaceuticals market in Georgia is experiencing significant growth and development.

Customer preferences: Customers in Georgia have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This preference can be attributed to several factors. Firstly, OTC medications are easily accessible and do not require a prescription, allowing customers to quickly and conveniently purchase the products they need. Additionally, OTC medications are often more affordable than prescription drugs, making them a popular choice for customers looking to manage minor health issues or symptoms.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Georgia is the increasing demand for preventive healthcare products. Customers are becoming more proactive in managing their health and are seeking OTC products that can help prevent illnesses or alleviate symptoms at an early stage. This trend is driven by a growing awareness of the importance of preventive healthcare and a desire to avoid costly medical treatments. As a result, there is a rising demand for OTC products such as vitamins, supplements, and immune system boosters. Another trend in the market is the growing popularity of natural and herbal remedies. Customers in Georgia are increasingly seeking OTC products that are made from natural ingredients and have fewer side effects. This trend can be attributed to a general shift towards more holistic approaches to healthcare and a desire for products that are perceived as being safer and more sustainable. As a result, there is a growing market for OTC products such as herbal supplements, homeopathic remedies, and natural skincare products.

Local special circumstances: One of the local special circumstances that is driving the growth of the OTC Pharmaceuticals market in Georgia is the lack of universal healthcare coverage. With limited access to affordable healthcare services, customers often rely on OTC medications to manage their health issues. This has created a strong demand for OTC products in the market, as customers seek alternative solutions to address their healthcare needs.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Georgia can also be attributed to several underlying macroeconomic factors. Firstly, the country's improving economic conditions have led to an increase in disposable income, allowing customers to spend more on healthcare products. Additionally, the aging population in Georgia has contributed to the growth of the market, as older individuals tend to have a higher demand for OTC medications to manage chronic health conditions. In conclusion, the OTC Pharmaceuticals market in Georgia is experiencing significant growth and development. Customer preferences for easily accessible and affordable healthcare products, as well as the increasing demand for preventive and natural remedies, are driving the market trends. The lack of universal healthcare coverage and the underlying macroeconomic factors of improving economic conditions and an aging population are also contributing to the market growth.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.